Options for ending PCP whilst not in negative equity?

[infernouk]

Hey guys,

So i have a GT86 on PCP i got used with low APR. However i have recently substantially increased my income and always wanted a GTR so was looking at an early GTR as a change.

Issue is with PCP from what I understand I cant sell the car due to finance, in order to clear the finance? The cars worth around 20k, i owe about 17k due to a large deposit. So in theory selling would clean the finance. Though as mentioned i understand that isnt an option.

Secondly i know i could VT, which costs me about 6k to hand back a car thats worth more than i owe on it...odd option to take.

The situation confuses me a lot as most PCP is on new cars that lost a load of value instantly and are stuck in negative equity, which pretty much isnt the case here...

Do I have any nice options here should i decide to switch cars? or is my only option to clear the 17k with my own cash and then sell it?

Appreciate guidance on this!

[Camelot1971]

You can sell/trade in the car to anyone you like. Just need to get the buyer to clear the finance directly. It's lease cars you can't sell as you don't own them.

[Mandat]

There's no problem with selling the car at any time.

You just need to settle the outstanding finance once the car is sold, so that clear title can pass to the new owner. It is no different to settling HP or any other kind of secured finance.

[infernouk]

Will it not be flagged on hpi check it has finance against it and theyll walk away? Assume its kind of a leap of faith from the buyer that i the seller will clear it? Must make it hard to shift?

[Dinoboy]

Easiest way is just to part ex it for a GTR, a private seller won't buy it unless you pay off the finance beforehand.

[phil y]

I sold an 18 month old Audi to a dealer, the dealer settled the finance with VWFS, then gave me a cheque for the difference.

Simplest car sale I’ve ever done.

[infernouk]

Will the dealers not try to cut you down on price for that situation? And I assume it’s only in the case your buying another of their cars?

I was considering a used gtr seller and ask if they’ll part ex but I always assume selling to garages will get poor return as they want to make their margin

[steve-5snwi]

Have you got a settlement figure ?

[anonymous-user]

Private buyer pays the finance company direct to clear the loan, pays you the balance. Happens all the time.

[infernouk]

steve-5snwi said:

Have you got a settlement figure ?

nope as the toyota options to settle were all odd options, guess ill call them directly rather than use their app and see!

I owe 17k as i havent had it long but it should go for 20k so theres 3k there in theory, its not an immediate thing i want to do so these numbers will both go down over time, though its a hard car to sell especially as its not an older model which people are snapping up at the moment but a 16 plate instead

[steve-5snwi]

You can sell a car on PCP at any time, just get the settlement figure and clear it. I'm not sure i'd jump straight to a GTR though, buying is one thing, the running costs will be something else. You would probably have more fun in the GT86 too.

[jjr1]

Dinoboy said:

Easiest way is just to part ex it for a GTR, a private seller won't buy it unless you pay off the finance beforehand.

Total bks!

I just bought an M4 fully financed to the hilt privately.

[infernouk]

jjr1 said:

Total bks!

I just bought an M4 fully financed to the hilt privately.

did you get a good deal because of this? or was it much the same as any other car deal? am i likely to face leverage from the buyer to lower the price as its dealing with finance?

[DuraAce]

infernouk said:

did you get a good deal because of this? or was it much the same as any other car deal? am i likely to face leverage from the buyer to lower the price as its dealing with finance?

Should be same as any deal.

I've bought, and sold several vehicles still under finance. Its no big deal at all.

Buyer pays finance company directly and pays seller the remainder (if applicable) by bank transfer (or cash if you're old fashioned)